Stock exchange falls, dollar rises in Pakistan

The benchmark KSE-100 index of the Pakistan Stock Exchange fell by over 800 points on Wednesday, while the dollar saw an increase in the interbank.

At the time this report was filed, the benchmark index fell by 883.25 to 38,719.62 points. On Monday, the stock exchange fell by over 3 per cent following the central bank’s announcement hiking its policy rate by 150 basis points to 10 per cent.

Meanwhile, the dollar in the interbank saw an increase of Rs0.80. The dollar was being bought at a rate of Rs138.30 and sold at Rs138.75. In the open market, the dollar was being sold at Rs138.60.

Last week the dollar hit an all-time high of Rs142 in the interbank market. The rupee has depreciated by a massive 36% against the dollar over the past 12 months.